EANS-News: Pfeiffer Vacuum Technology AG
Pfeiffer Vacuum announces the results
for the first quarter of 2011
Sales revenues strongly increased New orders lead to increase in sales forecast Integration of adixen is going according to plan
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Financial Figures/Balance Sheet/quarterly report
Subtitle:
Sales revenues strongly increased
New orders lead to increase in sales forecast
Integration of adixen is going according to planAßlar (euro adhoc) - Asslar, Germany, May 3, 2110. Pfeiffer Vacuum's sales revenues have developed very well in the first quarter of 2011. The significant increase of 190 percent compared to the previous year is - aside the excellent growths in the core business - largely due to the initial consolidation of the adixen brand. The company acquired the vacuum division "adixen" from the company Alcatel-Lucent on December 31, 2010, so all income statement results in 2011 are affected by this transaction.
Overview of the key figures:
| |Q1/2011 |Q1/2010 |Change | | | | | | |Sales |EUR 143.6 million |EUR 49.5 million |190.0 % | |Operating profit |EUR 20.5 million |EUR 11.3 million |81.5 % | |(EBIT) | | | | |Earnings after tax |EUR 13.7 million |EUR 9.2 million |48.2 % | | | | | | |Earnings per share |EUR 1.38 |EUR 1.08 |27.8 % | | | | | | | | | | | |New orders |EUR 151.7 million |EUR 49.4 million|207.1 % | |Order backlog |EUR 99.3 million |EUR 41.7 million|138.1 % | | | | | |
Pfeiffer Vacuum has adjusted the presentation in the report because of the acquisition-related shift in the regional distribution of revenue. The sales in Germany are thus no longer reported separately but rather in the amount for Europe, the "Americas" region includes the sales in North and South America. In Europe, sales in the first quarter of 2011 more than doubled to EUR 63.0 million compared to the previous year (previous year: EUR 30.2 million). In the Americas, sales have nearly tripled to EUR 27.2 million (previous year: EUR 10.0 million). Sales in Asia have increased more than sixfold to EUR 53.0 million (previous year: EUR 8.7 million).
One of the main reasons for the acquisition of the adixen brand is their technological leadership and excellent positioning in dry backing pumps. Backing pump sales thus rose to EUR 54.5 million (previous year: EUR 6.5 million). Thanks mainly to the very good development in the core business of Pfeiffer Vacuum, turbopump sales have almost doubled to EUR 39.5 million (previous year: EUR 20.1 million). Sales of instruments and components have also almost doubled to EUR 29.0 million (previous year: EUR 15.8 million). Service likewise experienced a significant increase in sales to EUR 19.0 million (previous year: EUR 5.0 million). The systems registered a slight decline in sales to EUR 1.6 million (previous year: EUR 2.2 million).
Revenue distribution by markets has likewise clearly changed due to the acquisition. Sales in the semiconductor market have thus increased to EUR 53.8 million (previous year: EUR 4.4 million). Sales in the industrial market segment doubled to EUR 27.3 million (previous year: EUR 13.1 million); in the market segment coating, sale rose to EUR 27.0 million (previous year: EUR 7.1 million). Sales in analytics increased to EUR 20.7 million (previous year: EUR 13.8 million). In the market for research and development, sales improved to EUR 14.6 million (previous year: EUR 11.1 million).
New orders in the first quarter of 2011 amount to EUR 151.7 million (previous year: EUR 49.4 million). This increase of EUR 102.3 million is strongly affected by the taking into account of new adixen orders. But new orders from the previous Pfeiffer Vacuum Group have also developed remarkably well with an increase of more than 30%. The book to bill ratio, the ratio of new orders to sales, was 1.06 on March 31, 2011 (previous year: 1.0). The order backlog increased to EUR 99.3 million as at March 31, 2011 (previous year: EUR 49.4 million). This is an increase again is due mainly to the adixen division, but also to an increase in the volume of orders for the previous Pfeiffer Vacuum Group.
Effects from the initial consolidation of adixen resulted in a decline in gross margin of 11.2 percentage points to 34.1 percent (previous year: 45.3 percent). Gross profit in the past quarter thus amounted to EUR 49.0 million, corresponding to an increase of 118.3 percent (previous year: EUR 22.4 million). This development together with increased exchange rate losses resulted in a growth in operating profit by 81.5 percent to EUR 20.5 million (previous year: EUR 11.3 million). This corresponds to an EBIT margin of 14.2 percent in the first quarter of 2011 (previous year: 22.7 percent). The net profit came to EUR 13.7 million (previous year: EUR 9.2 million). A net profit of EUR 1.38 per share was achieved (previous year: EUR 1.08). An increase in the average stock of shares in circulation should be taken into account when calculating earnings per share. This value was higher compared to the previous year through the increase in capital by 10 percent and the sale of treasury stock (5.1 percent of existing share capital) in November 2010.
Manfred Bender, Chief Executive Officer of Pfeiffer Vacuum, comments on the current results as follows: "We achieved a superb growth in sales with adixen in the first quarter. The margins are impacted by the weak US-Dollar. It is our task for this year and next to bring the margins in our new business units to a higher level." Bender estimates: "Given the exceptional volume of new orders, sales of around EUR 550 million should be achievable in the full-year."
For full press release including financial tables, see at www.pfeiffer- vacuum.com
About Pfeiffer Vacuum Pfeiffer Vacuum (Stock Exchange symbol PFV, ISIN DE0006916604) is a leading supplier of vacuum solutions worldwide. Besides a full range of hybrid and magnetic bearing turbo pumps, our portfolio includes backing pumps, measurement and analysis tools and components as well as vacuum chambers and systems. Since introducing the turbomolecular pump Pfeiffer Vacuum has been known for innovative solutions and high-tech products in the analytics sector, in research and development, environmental technology, chemistry, semiconductor production and vacuum coating technologies as well as in the automobile industry and numerous other sectors. Founded in 1890, Pfeiffer Vacuum is active all over the world today. The company employs around 2,300 staff and has 28 subsidiaries. For more information, please visit www.pfeiffer-vacuum.de.
end of announcement euro adhoc --------------------------------------------------------------------------------
Contact:
Brigitte Looß
Leiterin Investor Relations
Tel.: +49 (6441) 802-346
E-Mail: Brigitte.Loos[at]pfeiffer-vacuum.de
Branche: Machine Manufacturing
ISIN: DE0006916604
WKN: 691660
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